USDT Omni to ERC20 Swap: What it means for you?

Great news! Earlier this week, Bittrex completed a full swap of over 69 million Tether (USDT) from the Omni network to the Ethereum blockchain ERC20-based implementation of Tether. We believe this switch will provide our customers with greater compatibility and benefits. Below, you’ll find everything you need to know about the swap and what it means for our customers.

What does this mean?

• All of our USDT was returned to the Tether Treasury in this transaction, and re-issued as ERC20 tokens in a 1:1 basis.
• Bittrex users maintained the balance of their USDT addresses, which were migrated to the Ethereum blockchain.
• Learn more about the swap here: https://bittrex.zendesk.com/hc/en-us/articles/360031291791-Support-for-ERC20-based-Tether-USDT-Deposits-and-Withdrawals

What should I do moving forward?

• Bittrex customers with existing USDT deposit wallets will need to regenerate a new post-swap wallet address that is compatible with the Ethereum network. Moving forward, the ERC20-based version of USDT will be the only version Bittrex supports.
• All Omni-based USDT sent to Bittrex will not be recovered.

What’s the benefit?

• Greater compatibility with other wallets and exchanges
• Lower network fees — Reduced the withdrawal fees for USDT by 80%, down to 1 USDT.
• Faster withdrawal confirmations — Ethereum network’s average block times of under 15 seconds allow users to confirm funds transfer sooner.

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